New Delhi, May 1, 2003—
For India to achieve recognition as a global player,
IFC Chief Peter Woicke has called on Indian industry to focus on the 3 C’s – competitiveness, corporate governance, and corporate citizenship. Each will play a key role in attracting investments as well as creating a distinct edge in international markets that Indian companies seek to tap.
Mr. Woicke is executive vice president of the International Finance Corporation, the private sector arm of the World Bank Group. He is on a three-day visit to India, during which he is traveling to Mumbai, Jamshedpur, and New Delhi.
In New Delhi, Mr. Woicke signed a Memorandum of Understanding with the Confederation of Indian Industry to promote sustainable private sector development. Through this partnership, CII members will gain access to IFC’s advisory and investment services worldwide, while IFC will build on CII’s strong on-the-ground presence in various Indian cities to expand its business.
As Indian companies integrate into the world economy through technology, trade, or investment links, IFC is helping Indian clients find partners in all parts the world, acting as a facilitator and an honest broker.
“IFC’s initiatives in India are aimed at helping companies achieve and maintain global competitiveness by offering greater access to long-term finance, supporting modernization and upgrading of technology, and providing consulting services to meet international environmental and corporate governance norms,” he added.
In spite of decreased capital flows to the emerging markets, IFC has expanded its role as a capital provider in India, especially in high-impact sectors such as housing finance, telecommunications, information technology, and agribusiness.
IFC is also helping clients discover the financial benefits of adopting sustainable business practices, that is, managing their companies in a way that protects the environment and adds to the welfare of the communities in which they operate.
IFC has worked with Indian companies to achieve global best practices in corporate governance, social, and environmental responsibility. Among IFC’s recent investments in India are a range of manufacturing companies vying for global competitiveness in the face of declining tariffs, including Cosmo Films, Apollo Tyres, and Usha Beltron.
IFC's mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. Since its founding in 1956 through the close of the last fiscal year on June 30, 2002, IFC committed more than $34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries. IFC's committed portfolio at the end of FY02 was $15.1 billion for its own account and $6.5 billion held for participants in loan syndications.
